1 Feb 2022
In the words of Eleanor Roosevelt, “it takes as much energy to wish as it does to plan”. Running a successful business is as much about being organised as having dreams and ambitions. How many of these 10 monthly tasks are you prioritising right now?
Are you utilising your calendar?
Updating your business calendar sounds like a no-brainer, but you’d be surprised how often it falls by the wayside when things start to pile up. At the end of every month take a look at what’s in store for the month ahead and plan accordingly.
If your workload looks too heavy, it might be time to bring in a new employee or freelancer who can offer temporary support. Identify any tasks that you could get out of the way now before the new month starts too. Don’t forget to schedule time off to focus on your wellbeing.
It’s important to know exactly what’s going on every month when it comes to your stock, which is the lifeblood of your business. Too much of it will impede your cash flow and too little could result in your customers ditching your brand in favour of the competition.
Use sales forecasts to inform how much stock to buy
Collaborate with your accountant to pinpoint the best stock levels
Store your stock securely
Track patterns to gain insight into changing consumer behaviours
Set some time aside each month to take a careful look at your income and outgoings so you can deal with any issues before they start escalating. Tracking your expenses and transactions using up-to-date accounting software will help you do this.
Pay suppliers quickly and be aware of payment terms
Chase any unpaid invoices
Always file and pay your tax returns on time
Keep payroll information up-to-date
If your business is finding it difficult to maintain its cash flow and regularly invoices clients or suppliers, it might be eligible for invoice finance. Invoice finance lets business owners receive a cash boost by leveraging their unpaid invoices.
Up to 90% of the financed invoice is released straight away and the remainder is paid when the invoice is finally settled. You can get invoice finance for one or multiple invoices, and depending on the type of finance, the lender may also chase late payments on your behalf.
In times of uncertainty it’s tempting to play it safe. While this is completely understandable, setting yourself small challenges can help keep things fresh and moving forward. Whether it’s experimenting with social media ads or researching a potential new market, consider stepping outside of your comfort zone for a short while each month.
In part, social media is about reacting to the latest information. But that doesn’t mean you can’t plan the bulk of your content for the month in advance.
Spend some time each month gathering content relating to your current products and projects, and plan how you’re going to announce new product lines. You should also spend time engaging with your audience – doing so will help you build brand loyalty.
Your business plan isn’t set in stone – it should be an evolving document. Review it every month and assess your progress. It’s important to be realistic. If you're missing your goals every month is it due to underperformance or are the targets you’ve set too unrealistic?
Have any changes happened this month that could affect your business plan?
Do you need to tweak or change your business goals?
Do you have any ideas for how your business could evolve this year?
If you run an ecommerce website, be sure to check in with Google Analytics at least once a month to build a picture of which pages are performing well and those that could be optimised. Equip yourself with an understanding of SEO – this resource will help.
Do what you can to keep your business’ data secure. Back up information regularly and store it using a cloud-based application. Bear in mind that if you rely on hard drives alone, you could risk losing your data entirely if faced with burglary or fire.
Spend some time evaluating your cyber security too. Change passwords regularly, get antivirus software, keep data backups separate from your main computer, use two-factor authentication and educate your staff on how to take the same steps when working remotely.
After the difficulties of the last couple of years – and the ongoing challenges some businesses face – networking can seem like the least important business activity. But it’s important. As well as contributing to your social wellbeing it can help boost your professional confidence and keep you ahead of the curve in terms of industry changes.
Schedule network-expanding events each month, whether it's connecting with people on LinkedIn, attending a virtual event or heading along to a local business meetup in your area. Prioritise quality over quantity. Aim to have a few engaging conversations with a handful of new people as opposed to connecting with as many people as possible.
All work and no play only leads to one thing…burnout. Maintaining a work-life balance should be at the top of your agenda every month. Take the time to do non-work things you enjoy and spend time with friends and family. Your business will thank you for it.
If you’re looking for business finance, you’ve come to the right place. Whether you need to fund the purchase of a new asset or require a quick cash flow boost, use the Funding Options platform to see what your business could be eligible for today.Find funding
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